Up to 30% hike in premium sugar price this month

PETALING JAYA: The high global price of raw sugar, plus the falling ringgit, have pushed up prices of premium sugar this month.

MSM Malaysia Holdings Bhd, the country’s largest refined sugar producer, had increased the prices of its premium sugar to wholesalers by 20% to 30% in November.

While the prices of coarse granulated and fine granulated sugar are controlled by the Government, a source from the company explained that the prices of premium sugar – caster, icing, brown and soft brown sugar – are not.

Prices of premium sugar was last adjusted in 2012, she said.

Wholesalers were expected to pass on the extra cost from this latest price hike to retailers, who would in turn increase the retail price of premium sugar.

This is likely to put a strain on those who use premium sugar.

It was reported on Nov 22 that MSM Malaysia has requested the Government to look into raising the ceiling price of sugar by 20% to 30%, citing a hike in world price for sugar and foreign exchange loss.

The current ceiling price for coarse granulated sugar is RM2.84 per kg, and RM2.94 per kg for fine granulated sugar.

Last week, Minister Datuk Seri Hamzah Zainuddin was reported to have said that the Government was looking into a request by sugar producers to increase the ceiling retail price of refined sugar.